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Dwelling coverage on a condo or co-op is different and usually only covers the unit from the studs in. Depending on what the master policy covers, you may also want coverage for improvements or ...
As a condo owner, your insurance needs differ from those of a single-family homeowner. Understanding those differences is key to making sure that you get the maximum Condo Insurance: Four Steps to ...
Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
The cost of homeowner's insurance often depends on what it would cost to replace the house and which additional endorsements or riders are attached to the policy. The insurance policy is a legal contract between the insurance carrier (insurance company) and the named insured(s). It is a contract of indemnity and will put the insured back to ...
The Condominium Act requires every association to carry an insurance policy to cover the full replacement value of all structures on the property.
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
In the case of life insurance, there is a possible motive to purchase a life insurance policy, particularly if the face value is substantial, and then murder the insured. Usually, the larger the claim or the more serious the incident, the larger and more intense the ensuing investigation by police and insurer investigators. [35]
While condo master policies should cover 100 % of replacement costs for common areas or facilities, some associations say their members can no longer afford full coverage, leaving their buildings ...
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